Portside Wealth Group LLC Lowers Holdings in The AES Co. (NYSE:AES)

Portside Wealth Group LLC lessened its holdings in shares of The AES Co. (NYSE:AES) by 8.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,207 shares of the utilities provider’s stock after selling 4,623 shares during the quarter. Portside Wealth Group LLC’s holdings in AES were worth $900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC raised its position in AES by 92.4% in the 2nd quarter. Rise Advisors LLC now owns 1,499 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 720 shares during the period. Riverview Trust Co purchased a new position in shares of AES in the first quarter worth about $33,000. Glassman Wealth Services boosted its holdings in AES by 186.1% during the 4th quarter. Glassman Wealth Services now owns 1,928 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 1,254 shares during the period. Principal Securities Inc. bought a new position in AES during the 4th quarter worth approximately $57,000. Finally, Palisade Asset Management LLC bought a new stake in AES in the first quarter valued at approximately $61,000. 93.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays dropped their price objective on AES from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Seaport Res Ptn cut shares of AES from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, Mizuho increased their target price on shares of AES from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, May 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.71.

AES Trading Down 0.1 %

Shares of NYSE AES traded down $0.01 during midday trading on Friday, hitting $17.26. 6,108,331 shares of the company traded hands, compared to its average volume of 8,139,324. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.71 and a current ratio of 0.78. The AES Co. has a 12-month low of $11.43 and a 12-month high of $22.21. The stock has a 50-day moving average price of $17.88 and a 200 day moving average price of $17.77. The firm has a market cap of $12.27 billion, a P/E ratio of 23.97 and a beta of 1.08.

AES (NYSE:AES) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.22 billion. AES had a return on equity of 35.44% and a net margin of 6.07%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. As a group, analysts expect that The AES Co. will post 1.91 earnings per share for the current year.

AES Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were paid a dividend of $0.1725 per share. This represents a $0.69 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, August 1st. AES’s payout ratio is currently 95.83%.

About AES

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.